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9 November 2024

Mobile Wallet (Glossary)

Automation Crowdfunding and finance Digital transformation eCommerce and digital commerce Sanjay Sauldie Glossary

The term mobile wallet is particularly at home in the areas of eCommerce and digital commerce, digital transformation, crowdfunding and finance.

A mobile wallet is a digital wallet on a smartphone. Users can store their bank cards, customer cards and sometimes even tickets or ID cards here. Payments can be made easily via the app, for example when shopping in the supermarket or online. Instead of taking your credit card out of your wallet, you simply hold your mobile phone up to the payment terminal or tap on "Pay now" in the online shop.

A typical example: In a bakery, you pay with your smartphone by opening the Mobile Wallet app and briefly holding your mobile phone up to the card reader. The payment is completed in seconds and the purchase amount is securely debited from your account.

Mobile wallets not only make the payment process faster and more convenient, but often also more secure, as many apps use modern encryption and fingerprint or facial recognition. You also get an overview of all transactions directly in the app.

Mobile wallets are being used more and more frequently, particularly in online retail and online fundraising campaigns, as they simplify the payment process for both users and providers.

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Sanjay Sauldie

Sanjay Sauldie is a digital strategist, speaker and developer of the transruption toolkit, which companies can use to make their digital transformation measurable, human and sustainable. With kiROI - the AI-based approach to value creation in the digital age - he helps self-employed people and companies to integrate artificial intelligence into their processes in a practical way. With his outstanding marketing strategy iROI, he has already led countless companies to greater visibility and thus more profits. He combines digital innovation with disruptive thinking models for a sustainable business strategy. He studied mathematics and computer science at the University of Cologne, completed a Master of Science in Digital Disruption at the University of Salford (UK) and a Design Thinking programme at MIT/EMERITUS Singapore. As a multiple award-winning expert - including the Golden Web Award and the Innovation Award of the Initiative Mittelstand - he advises SMEs and corporations. His motto: "Digitalisation is not an end in itself - it must serve people."

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